James Kirkup is The Telegraph's Executive Editor (Politics). He was previously the Telegraph's Political Editor and has worked at Westminster since 2001.

Cuts and pensioner benefits: a political consensus is emerging

It's just gone 10am and two important things about life after the next election are clear. For once, both are about consensus, not disagreement.

First, current spending is going to be cut. Labour has made its decision and will stick with the Coalition's totals for 2015/16. That's important. Ed Balls' admission today that Labour could still borrow more than the Coalition in order to fund capital spending is also important and will allow the Conservatives to claim a major difference with Labour over fiscal policy in 2015. (Same Old Labour Would Borrow More, etc etc). But there is now an essential agreement between the parties about fiscal consolidation. George Osborne really has shifted the centre of political debate about fiscal policy onto his chosen ground of austerity.

Second, winter fuel payments for wealthy pensioners are history. Mr Osborne admitted this morning that those payments, along with bus passes and free TV licences, will have to be reviewed after 2015. That's as clear a signal as we'll get that the protections afforded to those benefits in this Parliament will not continue into the next. Mr Osborne is a late convert to this cause: the Lib Dems were first to get there, followed (privately) by Iain Duncan Smith. Then Labour signed up to cut winter fuel payments earlier this month, a move that cleared the way for Mr Osborne's words this morning. OK, we're still to hear from David Cameron, but it now seems certain that all the parties will fight 2015 planning to restrict universal pensioner benefits.

So, a consensus is forming. All the parties now broadly agree that austerity will continue, and that some pensioners will have to bear more of the burden.